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BP sells part of stake in Refining New Zealand

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BP New Zealand Holdings has sold part of its 21.19% stake in Refining New Zealand, New Zealand’s only oil refinery operator. The company operates the 96,000 barrel-per-day Marsden Point Refinery near Whangarei, Northland.

With its 11.1% stake sale, which was completed last Friday, BP New Zealand Holdings and Europa Oil NZ were left with 10.09% interest in Refining New Zealand.

The value of the partial stake sale came to NZD80.5 million (USD56.45 million) for 34.7 million shares at NZD2.32 (USD1.63) per share, representing a 6.9% discount from the previous day’s closing price of NZD2.49 (USD1.75).

“BP regularly undertakes reviews of its assets, partnerships and shareholdings around the world and this transaction is the outcome of one such global portfolio review,” said Andy Holmes, president of BP Australia and head of BP’s Asia-Pacific fuels business.

“BP is committed to remaining a strong and competitive participant in the New Zealand fuels market and to ensuring our long-term success as a quality fuel retailer, for which Refining NZ is an important component.”

BP said the stake sale would not affect its existing contracts with Refining New Zealand.

With the reduced stake, Mobil Oil New Zealand (17.2%) and Z Energy (15.4%) would become the largest stakeholders of Refining New Zealand.

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